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India’s Bharat Petroleum seeks consents for subsidiary amalgamation
Chicago, March 11 – India’s Bharat Petroleum Corp. Ltd. is soliciting consents for three series of notes to allow for the amalgamations of subsidiaries Bharat Oman Refineries Ltd. and Bharat Gas Resources Ltd., according to an announcement.
The company is soliciting noteholder consents so that the corporate reorganization will not constitute a default on any of the notes.
The notes involved in the offers are the $500 million 4 5/8% notes due 2022, the $500 million 4% notes due 2025 and the $600 million 4 3/8% notes due 2027. The notes were issued by Bharat Petroleum and BPRL International Singapore Pte Ltd.
Meetings for each of the notes will be held to amend the terms and conditions on the notes.
Consent fees will be paid to noteholders who deliver consents by the early deadline of 11 a.m. ET on March 24.
The early consent fee is $1.00 per $1,000 note and will be paid if the extraordinary resolutions are passed and the supplemental trust deed and the amended and restated pricing supplements for each series of notes is executed.
The expiration time for voting instructions is 11 a.m. ET on March 30.
Noteholder meetings will take place starting at 10 p.m. ET on April 3. The meetings must have a quorum of noteholders present.
Within 14 days of the meetings, if the extraordinary resolutions are passed, the supplemental trust deed and the amended and pricing supplements will be executed.
The consent fee will be paid within five business days after that point.
The solicitation agents are HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) and Citigroup Global Markets Ltd. (+44 20 7986 9000, liabilitymanagement.asia@citi.com).
Morrow Sodali Ltd. is the information and tabulation agent (+44 20 4513 6933, +852 2319 4130, bpcl@investor.morrowsodali.com, https://bonds.morrowsodali.com/bpcl).
Bharat Petroleum is an oil and gas company based in Mumbai.
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